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NEW YORK (AP) — Last year was a mixed bag pay-wise for the women who run companies in the S&P 500 -- compensation increased for more than half of them, but the median pay package fell 6%.
Of the 343 CEOs in the compensation survey of S&P 500 companies done by the AP and Equilar, only 20 were women. Because they are a small group, changes in pay for only a few can easily skew the overall figures.
The drop comes after a 26% jump in the value of pay packages for female CEOs in 2021, a year when compensation reflected a recovering economy and soaring stock prices and profits. Many chief executives were rewarded for steering their companies through the worst of the pandemic.
Overall, female CEOs saw their performance bonuses fall 13% to $2.8 million last year and stock awards fall 4% to an average of $10 million. Their median total compensation fell 6% to $14.7 million. The median pay for male CEOs rose 1% to $14.8 million.
“We still do not have enough women CEOs,” said Lorraine Hariton, President & CEO of Catalyst, a nonprofit organization focused on women in the workplace. “It’s hard to make a comment about pay when we really don’t have a big enough sample size.”
Lisa Su, CEO of Advanced Micro Devices, was the highest paid female CEO in the AP survey for the fourth year in a row, but she slipped to 26th highest paid overall, from 22nd last year. Su was the highest paid of all CEOs, men and women, in 2019.
Nasdaq’s CEO Adena Friedman received the biggest pay raise, a 40% jump. That was mostly due to a performance-based stock option award with a value of $10 million, associated with the renewal of her employment agreement for an additional five years. Half of the stock option award will become available after five years of employment, and half will be awarded if Friedman reaches an earnings target in five years. Her total pay package is valued at $28 million.
AP Business Writer Alexandra Olson in New York contributed to this report.